What did Terry Smith buy in Q2 2025?

Terry Smith opened 0 new positions and added to 2 existing holdings in the Q2 2025 13F.

What did Terry Smith sell in Q2 2025?

Terry Smith exited 1 position (BF/B) and trimmed 2.

What Terry Smith bought and sold in Q2 2025

In Q2 2025, Terry Smith (Fundsmith) added to 2, trimmed 2, exited 1 (BF/B). The book stood at $7.39B across 26 positions, filed Aug 14, 2025.

0New2Added2Trimmed1Exited

Share𝕏 in

Added to (2)

ZTSZoetis Inc+21% shares · 1.8% · $136M
INTUIntuit Inc+141% shares · 1.2% · $90M

Trimmed (2)

HDHome Depot Inc-28% shares · 0.2% · $12M
MAMastercard Inc - A-29% shares · 0.1% · $9M

Exited (1)

BF/BBrown-forman Corp-class Bwas 1.4% of book

Terry Smith's other filings

Q1 2026 changes Q4 2025 changes Q3 2025 changes Q1 2025 changes Q4 2024 changes

Terry Smith's full portfolio →The whole cohort in Q2 2025 →

Changes vs the prior quarter's 13F, long US equity positions only (no shorts, options, or non-US listings). ADD/TRIM are share- count changes of ±20% or more. Sourced from SEC EDGAR. Not investment advice.